RECOMMENDATION(S):
ADOPT Resolution No. 2017/418 approving the issuance of Multifamily Housing Revenue Bonds (the "Bonds") by the California Municipal Finance Authority (CMFA) in an amount not to exceed $14,400,000 for the benefit of Resources for Community Development (RCD), a California nonprofit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986 (the "Code"), or a subsidiary or affiliate thereof (the “Borrower”), to provide for the financing of the acquisition, rehabilitation, improvement and equipping of two separate affordable multifamily rental housing facilities located within the County of Contra Costa, including a 29-unit rental facility providing supportive housing for homeless households at 10203 San Pablo Avenue, in the cities of El Cerrito and Richmond, California, and a 22-unit rental facility for families at 2555 Church Lane, in the City of San Pablo, California (the "Project"). Such adoption is solely for the purposes of satisfying the requirements of the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), the Code and the California Government Code Section 6500 (and following).
FISCAL IMPACT:
No impact to the General Fund. The County will be reimbursed for any costs incurred in the process of conducting the TEFRA Hearing. The CMFA will issue tax-exempt revenue bonds on behalf of RCD. Repayment of the bonds is solely the responsibility of RCD.
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